Kwakol Markets Review 2023
- Daytrading Review TeamKwakol Markets is a good option for newer traders with a dedicated learning academy, copy trading and a choice of reliable charting platforms. New clients can also sign up and start trading in four straightforward steps.
Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades.
Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.
Trade stocks with zero commissions and ultra-fast trade executions. Clients get exposure to US, EU, Asian and Russian stock markets on both the MT4 and MT5 platforms. Stocks are available as CFDs, so users will not own the underlying shares.
CFDs are available on a breath of underlying assets, including stocks, indices, commodities, forex and cryptos. High leverage up to 1:500 is available alongside a 0.01 minimum lot size and award-winning software. For the tightest spreads from 0 pips, opt for the Premium account.
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold. This separates the broker from many alternatives that only offer cryptos paired with the USD. High leverage up to 1:20 on cryptos is available, plus support for Expert Advisors and copy trading.
Kwakol Invest offers straightforward copy trading, connecting newbies with experienced traders. The leaderboard makes it easier to find suitable strategy providers with insights into the number of followers, total returns and more. You also only pay a fee on profitable positions.
Awards
- Best Broker Africa 2022 - UF Awards
- Most Trusted Broker Nigeria 2022 - UF Awards
- Best Emerging Broker 2022 - - UF Awards
✓ Pros
- The MT4, MT5 and cTrader platforms offer a comprehensive charting environment for active day traders
- You can access 1000+ short-term investment, including cryptos and synthetic products
- There are excellent market research tools available to support trading decisions, including the Acuity Expert Advisor and AutoChartist
- There's a wide range of free learning resources for beginners, including an eBook, online courses and a Telegram community channel
✗ Cons
- There's a limited range of funding methods, with just bank transfers, card payments, and PayPal available
- You must deposit at least $10,000 to access the best trading conditions
- The only base currency available is USD
Kwakol Markets is a multi-asset broker that operates using the MT4 and MT5 platforms, giving traders a range of analysis tools. 1000+ assets are available with up to 1:500 leverage and ECN connectivity. This review will go over what Kwakol Markets offers, the pros and cons of using the platform, and give a verdict of whether or not it is worthwhile for traders.
Company Details
Kwakol Markets Limited is a Nigeria-based brokerage that offers a variety of asset classes on the MetaTrader platforms, including forex, stocks, commodities, indices, and cryptocurrencies.
The brand provides competitive trading conditions, with spreads as low as 0.0, ultra-fast executions, and micro-lot trading. New users can get started with a $250 minimum deposit and a free demo account and copy trading service are available for beginners.
Kwakol Markets is an authorized finance company by the Australian Securities and Investments Commission (ASIC) and has a Foreign Exchange Dealer License from FINTRAC Money Services Canada.
Platforms & Tools
4.5 / 5MT4 & MT5
Kwakol offers MetaTrader 4 and MetaTrader 5 so that traders of all experience levels can use the broker.
MT4 and MT5 are the most popular retail trading platforms, with instant and pending orders, one-click trading, multiple indicators and drawing tools, plus support for automated trading through Expert Advisors (EAs). There are also in-built stop orders and fully-functioning demo accounts so that traders can try the terminals before depositing funds.
MetaTrader 5 is the better option for advanced traders with more indicators, technical overlays, and timeframes, plus a market depth feature and an economic calendar.
How To Place A Trade
Clients can open a trade on the MetaTrader terminals in a few steps:
- Log in to the MT4 or MT5 platform
- Click on ‘Tools’ in the top menu
- Select ‘New order’
- In the pop out display, select the asset you wish to trade on
- Choose between instant and pending order
- Enter the order volume
- Input any risk management alerts
- Confirm the trade
Web Trader
Kwakol Markets also offer a Web Trader platform so that investors can access the same trading conditions and functionality without downloading an external platform.
The browser-based terminal can be opened directly through the broker’s official website.
Acuity
Acuity is also supported by Kwakol Markets and can be used to analyze pieces of news that may affect the market. The data is displayed in multiple forms, not just price-related data, such as news sentiment or ‘shock’ ratings per asset, real-time newsletters, and client offerings that help to reveal the truth behind strategies.
This tool is free to use when downloaded with Kwakola Markets and MT4 and is ideal for investors looking to trade on the news.
Autochartist
Autochartist is an analysis tool for charts that helps traders to predict the way that the market is going to move. It allows to traders to recieve price alerts and watch several assets at any given time.
Autochartist can be used when MT4 or MT5 is downloaded from Kwakol, whereby the Autochartist plug-in can be installed and used.
Kwakol Invest
While using Kwakol Markets, we uncovered their copy trading service. This lets users connect with other traders and follow their strategies and trade setups.
Clients keep control over their capital and only pay a fee to the master trader when they generate profits. A leaderboard with traders’ returns, number of followers and other metrics helps users find the right trader for their goals.
Assets & Markets
3.8 / 5Kwakol offers more than 1000 instruments:
- Stocks – US, EU, Asian and Russian shares
- Indices – Trade on major exchanges such as the S&P 500
- Commodities – Precious metals like gold plus oil and natural gas
- Cryptocurrencies – Trade digital currencies against other popular crypto tokens and fiat currencies
- Forex – Dozens of major and minor currency pairs including EUR/USD
Fees & Charges
When we used Kawol Markets, we found spreads vary depending on the live account. The minimum spread on the Standard account is 0.8 pips. The minimum spread on the Islamic account is 1.6 pips. The Pro and Gold accounts offer spreads from 0.01 pips. The Platinum, Premium, VIP and Diamond accounts offer spreads from 0.0 pips.
Kwakol Markets also charges low to zero commissions.
There is a $10 inactivity fee after six months.
Payment Methods
Deposits are processed on the same working day, and this can be done by major credit or debit cards with a maximum deposit amount of $600 per transaction.
All deposits made by a particular card can only have up to the same amount withdrawn onto the same card. However, if you deposit funds using crypto then there is no limit to how much you can place onto your account.
There is no charge for making a deposit of up to $5,000.
Kwakol Markets processes withdrawals within the same business day, and this can be requested directly from your trading account.
Profits made from trading can either be withdrawn via bank wire transfer or by Bitcoin. The opportunity to withdraw money via crypto is a benefit, and this can also be processed on the same day with all transactions trackable via blockchain.info.
For withdrawals, there is no charge for anything below $5,000. Upwards of this amount, a fee of $25 will be charged to the trader.
Account Types
Kwakol Markets offers multiple accounts, all offering their own set of features and conditions:
Cent Account
- Minimum Deposit: $1
- Spread: floating from 1 pip
- Commission: $0
- Leverage: up to 1:1:00
- Market Execution: from 0.3 sec, STP
Standard Account
- Minimum Deposit: $250
- Spread: floating from 0.8 pips
- Commission: $0
- Leverage: up to 1:200
- Market Execution: from 0.1 sec
No-Swap (Islamic Account)
- Minimum Deposit: $1
- Spread: floating from 1.6 pips
- Commission: $0
- Leverage: up to 1:1000
- Market Execution: from 0.3 sec, STP
Pro Account
- Minimum Deposit: $10,000
- Spread: floating from 0.01 pips
- Leverage: up to 1:300
- Market Execution: from 0.1 sec
- There is also no limit on the orders that can be opened and orders can be opened with instant execution
Gold Account
- Minimum Deposit: $25,000
- Spread: floating from 0.01 pips
- Leverage: Up to 1:400
- Market Execution: From 0.3 sec, STP
Platinum Account
- Minimum Deposit: $100,000
- Spread: floating from 0.00 pips
- Leverage: up to 1:450
- Market Execution: from 0.3 sec, STP
Diamond Account
- Minimum Deposit: $250,000
- Spread: floating from 0.00 pips
- Leverage: up to 1:450
- Market Execution: from 0.3 sec, STP
Premium Account
- Minimum Deposit: $25,000
- Spread: floating from 0.00 pips
- Leverage: up to 1:500
- Market Execution: from 0.3 sec, STP
VIP Account
- Minimum Deposit: $1,000,000
- Spread: floating from 0.0 pip
- Leverage: up to 1:1000
- Market Execution: from 0.1 sec, STP
Demo Account
Kwakol Markets offers a demo account with virtual funds that traders can use for free. This means users can try the broker’s services without using any of their own funds and taking any risks.
The demo account for Kwakol Markets requires a brief registration form but no bank details. Clients can sign up on the official website.
Kwakol Academy
Our experts found that the broker also offers trading courses, free classes and eBooks. Content is primarily aimed at beginners, covering how to speculate on the forex market, potential strategies, and setting up a trading business from home.
Some educational content is free. Traders simply need to enter their personal details on the Kwakol Markets website to get started.
Regulation & Licensing
Kwakol Markets is a Corporate Authorized Representative of HLK GROUP PTY LTD, which holds a Financial Services Licence from the Australian Securities and Investments Commission (ASIC).
In addition, the brokerage has a Foreign Exchange Dealer License from FINTRAC Money Services Canada, (registration number M22600427).
The group also holds an MSB (Money Services Business) license issued by the US Financial System and a National Futures Association (NFA) license.
Customer Service
Kwakol Markets offers three points of contact for customer service which can be reached via:
- Email – info@kwakol.com
- Telephone – +1 (201) 801-4634, +234 (0) 706 172 7177
However, there is no specification on the opening hours of the customer support line, so there is no guarantee that you will receive instant support.
Security & Safety
In terms of safety and security, there is little certainty with Kwakol Markets. Aside from segregated client accounts, there is limited information online about Kwakol Markets, and the brand does not go into much detail about how they keep trader funds safe.
However, it is worth noting that some of the poor reputation that Kwakol Markets received in user reviews was before they became regulated. Their regulatory licenses give them more credibility as a broker.
Kwakol Markets Verdict
Kwakol Markets offers 1000+ assets, award-winning platforms, and high leverage. A free demo account and copy trading service also make the broker a good fit for beginners.
Overall though, there remain better alternatives to Kwakol Markets, offering a wider range of assets and more in-depth educational materials. Negative historical reviews also cause concern.
FAQs
What Trading Platform Does Kwakol Markets Use?
Kwakol Markets offers MetaTrader 4 and MetaTrader 5, available on desktop and mobile. A web trader terminal is also available directly through the broker’s website.
What Assets Are Available On Kwakol Markets?
Kwakol Markets offers CFDs, stocks, commodities, indices, cryptos, and forex trading. In total, over 1000 instruments are available with leverage up to 1:500.
What Are The Fees For Kwakol Markets?
Kwakol Markets charges a floating spread from 0.8 pips on the Standard account. Users that qualify for higher account tiers benefit from tighter spreads that start at 0.0 pips.
There is also a $25 fee for withdrawals over $5000.
What Payment Methods Are Available At Kwakol Markets?
Kwakol Markets accepts debit and credit cards, bank wire transfers, and cryptos for deposits and withdrawals. Payments are processed the same working day.
Is Kwakol Markets Regulated?
Kwakol Markets is regulated by the Australian Securities and Investments Commission (ASIC). The group also holds licenses with the FINTRAC Money Services of Canada and the US National Futures Association (NFA).
Accepted Countries
Kwakol Markets accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Payment Methods
Kwakol Markets Details
| Minimum Trade | 0.01 Lots |
|---|---|
| Regulated By | ASIC, FINTRAC |
| Account Types |
|
| Islamic Account | Yes |
| Mobile Apps | iOS & Android |
| Margin Trading | Yes |
| Volatility Index | No |
| Spot Trading | No |
| Perpetual Swaps | No |
| ELWs | No |
| REITs | No |
| AI / Machine Learning | No |
| Robo Advisor | No |
| P2P Trading | No |
| Negative Balance Protection | Yes |
| VPS Hosting | No |
| Tournaments | Yes |
| Demo Competitions | No |
| Managed Accounts | No |
| Market Maker | No |
| Auto Trading | Expert Advisors (EAs) on MetaTrader |
| Social Trading | No |
| Inactivity Fee | $10 |
| Guaranteed Stop Loss | No |
| Stock Exchanges |
|
| Commodities |
|
CFD Trading Details
| FTSE Spread | 0.8 |
|---|---|
| GBPUSD Spread | 0.8 |
| Oil Spread | 0.8 |
| Stocks Spread | 0.8 |
| Leverage | 1:1000 |
Forex Trading Details
| GBPUSD Spread | 0.8 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.8 |
| Assets | 90+ |
Cryptocurrency Trading Details
| Crypto Spread | From 0.8 pips (Standard Account) |
|---|---|
| Crypto Lending | No |
| Crypto Staking | No |
| Crypto Mining | No |
| Crypto Auto Market Maker | No |
| Crypto Coins |
|
Top 3 Alternatives to Kwakol Markets
Compare Kwakol Markets with the top 3 similar brokers that accept traders from your location.
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IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group -
World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
Go to World Forex -
Interactive Brokers – Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
Go to Interactive Brokers
Kwakol Markets Comparison Table
| Kwakol Markets | IG Group | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| Rating | 4.5 | 4.4 | 4 | 4.3 |
| Markets | CFDs, Forex, Stocks, Indices, Commodities, Crypto | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts | Forex, Stocks, Commodities, Crypto |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $1 | $0 | $1 | $0 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | $100 |
| Regulators | ASIC, FINTRAC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | SVGFSA | SEC, FCA, IIROC, SFC |
| Bonus | – | – | 100% Deposit Bonus | – |
| Education | No | Yes | No | No |
| Platforms | MT4, MT5, cTrader, AutoChartist | MT4, AutoChartist, TradingCentral | MT4, MT5 | AlgoTrader, OmniTrader, eSignal, TradingCentral |
| Leverage | 1:1000 | 1:30 (Retail), 1:250 (Pro) | 1:1000 | 1:50 |
| Payment Methods | 4 | 6 | 10 | 11 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | IG Group Review |
World Forex Review |
Interactive Brokers Review |
Compare Trading Instruments
Compare the markets and instruments offered by Kwakol Markets and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| Kwakol Markets | IG Group | World Forex | Interactive Brokers | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | Yes | Yes | Yes | No |
| Gold | Yes | Yes | Yes | Yes |
| Copper | Yes | Yes | No | No |
| Silver | Yes | Yes | Yes | No |
| Corn | No | No | No | No |
| Crypto | Yes | Yes | Yes | Yes |
| Futures | No | Yes | No | Yes |
| Options | No | Yes | No | Yes |
| ETFs | No | Yes | No | No |
| Bonds | No | Yes | No | Yes |
| Warrants | No | Yes | No | Yes |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
Kwakol Markets vs Other Brokers
Compare Kwakol Markets with any other broker by selecting the other broker below.
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Visit | |
| Kwakol Markets is a Nigerian headquartered broker with strong regulatory oversight in Australia and Canada. A great selection of day trading assets are available, including synthetic products that simulate realistic market activity. Clients can trade on the MT4, MT5 and cTrader platforms, as well as a copy trading solution whereby a fee is only paid on profitable trades. | ||
Customer Reviews
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